IOOF Holdings has declared it is confident it can meet the Australian Prudential Regulation Authority’s (APRA’s) deadline on meeting the licence conditions on its superannuation businesses.
In an announcement to the Australian Securities Exchange (ASX) yesterday, IOOF said that APRA had provided the company with formal directions relating to the Office of the Superannuation Trustee (OST).
It said the directions were in line with APRA’s preliminary findings in April in respect of which the APRA-regulated entities received a show cause notice from APRA.
The statement said IOOF had responded to APRA’s show cause notice and continued to take steps to implement and maintain the OST within the operations of the Group.
“IOOF remains confident of meeting APRA’s deadline of the end of June 2019 for the implementation and maintenance of the OST,” it said.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
Add new comment